Ivanhoe Energy operational highlights in the first quarter of 2010

Source:finance.yahoo.com

Highlights

- Ivanhoe Energy completed its winter delineation drilling program at Tamarack in mid-March. This 28-well drilling program completed the work required for submission of the regulatory application for the development of the Tamarack Project which is expected to be filed in mid-2010. Ivanhoe Energy invested $17.9 million in the Tamarack Project during the first quarter of 2010.

- Steaming and soaking operations have been completed at the Pungarayacu IP-15 well, the Company's initial well in Ecuador. Production testing of the Hollin formation, utilizing a jet pump, has commenced and will continue for approximately two to three weeks to determine the oil flow rate of the well. Total investment in Ecuador for the first quarter of 2010 was $4.2 million.

- Ivanhoe Energy pledged up to $1.0 million in aid for victims of torrential rains and flooding in Ecuador's Napo Province. Several communities within the boundaries of Ivanhoe Energy's Pungarayacu heavy oil project were covered by a state of emergency declared by the Ecuadorean government after rivers flooded in mid-April 2010, reportedly destroying food crops and more than 100 houses, and directly affecting more than 3,500 people, according to estimates by government agencies.